June 8，Palm Shares(002431.SZ) announced，Based on the company’s actual operations and future strategic development needs，The company plans to transfer 70% equity of its wholly-owned subsidiary Palm Shengcheng 188bet sports betting app download Co., Ltd. ("Shengcheng 188bet sports betting app download") to Henan Zhongyu Cultural Tourism 188bet sports betting app download Co., Ltd. ("Zhongyu Cultural Tourism")，The equity transfer price is approximately RMB 3.86.7 billion yuan。After the completion of this equity transfer，The company still holds 30% equity of Shengcheng 188bet sports betting app download。

During the period when Shengcheng 188bet sports betting app download was a wholly-owned subsidiary of the company，Current accounts incurred by the company to support the daily operations and management of Shengcheng 188bet sports betting app download and its subsidiaries，After the completion of this equity transfer，Will passively form a situation where the company provides financial assistance to external parties，The essence of this business is the continuation of the company’s daily operating borrowings from its wholly-owned subsidiaries and its subsidiaries。As of May 31, 2020，Confirmed by both parties，The company has provided a total of "existing loans" principal balance of approximately 11% to Shengcheng 188bet sports betting app download and its subsidiaries.3.8 billion yuan。

In order to continue to promote the progress of Shengcheng 188bet sports betting app download and its subsidiaries projects，Supplementary project working capital，The company plans to convert the above-mentioned existing loans into financial assistance to Shengcheng 188bet sports betting app download and its subsidiaries。

*Source of this article: Gelonghui, original title: "Palm Shares(002431.SZ): pseudo 3.86.7 billion yuan transfer of 70% equity of Shengcheng 188bet sports betting app download》.